The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat he is interested in buying in 3 years will cost him $ 20,000. An account at Invest Well Bank earns 2% per year compounded monthly. How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 3 years?

Answer rating: 100% (QA)

Solution We can find the monthly deposit amount Mr Flores needs to make using the Futur... View the full answer